The next America's Cup regatta will be held at Barcelona, according to reports by Spanish media on Sunday (NZ time).
Barcelona is among a shortlist of leading candidates to host the 2024 event, alongside fellow Spanish city Malaga, Cork in Ireland and Jeddah in Saudi Arabia.
An official announcement is expected to be made by Team New Zealand and the Royal New Zealand Yacht Squadron on Thursday to confirm the venue.
But Spanish publication Cronica Global claims a "verbal pact" has been reached between Team New Zealand, the Catalan government and the Barcelona City Council, who will pay $70 million euros (NZ$110m) for the rights to host.
Team New Zealand wouldn't offer any comment while the selection process is ongoing, but Newshub understands a decision has not yet been made, with all bids still being assessed.
Last week, local media reported the Spanish Government sees the event as a way to bolster tourism revenue lost due to COVID-19.
"The government has…announced that it authorises the Department of Business and Employment to undertake the necessary actions to promote the candidacy of the Catalan capital in order to win this event," La Vanguardia says.
"The government is enormously interested in this issue since it considers, above all, that it implies an international projection for both the city and Catalonia and a boost to the recovery of the tourism sector."
Last week, Team NZ boss Grant Dalton visited Barcelona to evaluate the hosting facilities.
Team NZ were unable to secure the necessary financing to keep the event in Auckland.
